The European Court of Justice has ruled in favor of Illumina, acknowledging that the European Commission exceeded its powers by imposing a ban on the acquisition of Grail, POLITICO writes on September 3.
According to the report, the European Commission found that Illumina’s acquisition of Grail, which is involved in cancer diagnostics, was destructive to Grail’s business and imposed a ban on the transaction as well as a fine of €432 million. Illumina challenged this decision in court, arguing that Grail did not generate revenue in the EU and that the deal was legal.
The court also overturned the multi-million euro fine that Illumina was required to pay following a decision by the European Commission.
The court ruled that the Commission had misinterpreted Article 22 of the Merger Control Regulation, giving it grounds to intervene in mergers even if the target company did not have significant revenues in the EU. The European Commission’s ability to intervene in such transactions is now limited. Illumina said in its statement that the court’s decision confirms its position that the European Commission’s powers were exceeded.
Source: Rossa Primavera
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